You'll need to sign in or create an account to connect with an expert.
If this was a personal vehicle, not used in a business, the loss on the sale is not reported on a tax return. Only if you had a gain on the sale would that need to be reported.
You don't enter the loss from a personal vehicle sale on your tax return, you only report if you sold it as a gain.
If you sold your business vehicle, it is reported on Form 4797 Sales of Business Property, which flows to Schedule D - Capital Gains and Losses.
Refer to the TurboTax Help article How do I edit the sale of a business property (Form 4797) for navigation instructions and select Sales of business or rental property that you haven't already reported to report your business vehicle sales.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
lranahan55
New Member
neutron450
New Member
domytaxes4me64
Returning Member
adrianadablopez
New Member
CRAM5
Level 1